NEM increases dividend payment

NEM Insurance Plc has said that as part of its policy to give its shareholders return on their investment, it will increase the dividend payment to 10 kobo on each ordinary share in the 2017 financial period.

The Chairman, NEM Insurance, Dr. Fidelis Ayebae, said this during the company’s 48th Annual General Meeting in Lagos.

“Following the impressive result for the year under review, the board is recommending a dividend of 10 kobo per share. This is a 25 per cent increase over the 8 kobo paid last year,” he told the shareholders.

The chairman, who noted that the company recorded an impressive performance during the year under review, said that its gross premium rose by 24.7 per cent from N10.8bn in 2016 to N13.4bn in 2017.

The net premium earned also increased by 15.2 per cent from N8.5bn to N9.8bn, and the investment income rose by 48.1 per cent from N479.5m to N709.9m.

Ayebae stated that the claims expenses improved by 33.2 per cent in 2017 to N1.78bn from N2.7bn in the previous year.

The Group Managing Director of the company, Mr Tope Smart, said that despite the challenging competitive operating environment, NEM’s focus on industry leadership remained unwavering.

He stated, “One of the ways we are doing this is brand differentiation. We have continued to delight our numerous customers by providing them with unparalleled services and solutions, thereby consolidating our position with them.

“Our service delivery mechanism, which is anchored on our core values of humility, integrity, discipline, excellence, empathy and courage, has helped us in no small measure in our brand differentiation initiative.”

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